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Dorchester Center, MA 02124
Debanking has emerged as a significant topic of discussion in Washington, drawing attention from political leaders and industry insiders alike.
Recently, President Donald Trump accused major banks of engaging in politically motivated debanking. Venture capitalist Marc Andreessen highlighted the impact of debanking on the crypto sector during a conversation on the Joe Rogan podcast. Meanwhile, Congress held hearings to scrutinize this pressing issue.
As a former ranking member of the Senate Banking Committee, I have witnessed the intricacies of the banking industry. Debanking is a real concern, but it is not a phenomenon driven by the banks themselves.
The banking industry thrives on scale, and banks constantly compete for customers. In fact, the roots of debanking lie in vague and overly broad regulations, as well as instances of regulatory negligence.
Under the Anti-Money Laundering Act, banks must adhere to rigorous